Most of us are interested in striving for that Pie in the Sky wanting to sell high and buy low. Can it happen? Maybe. But let’s talk about the reality of buying and selling in the same marketplace. Barbra Corcoran put it well recently on the show “Fast Money” when she said ““Right now, if you are upgrading to a bigger house, even if you’re selling at 10% off, you buy your new house at 10% off. Price appreciation is going to go much higher than people anticipate.”
The DC area housing market is one of the best in our Nation. You want to trade up to a larger house all the while maintaining your community and proximity to family, friends and familiar places. Prices have been on an upward tilt for the last 20 months. If you’re upgrading your home you will pay less for it today than you will next year. Plus rates are SO LOW right now. Its a double whammy making for a better bottom line for the person entering the market as a home buyer. Think about it… Relatively Low Prices + Historically Low Interest Rates = Ideal market conditions for buyers.
Incidentally, what’s good for buyers can be good for sellers too. Those low low interest rates are motivating more buyers to enter the market place in the first place.